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Search Results 0 to 36 of about 37 (some duplicates have been removed)
down, not up. lori: the senate approved a house plan to approve the debt ceiling and hold off on congressional pay if they don't get a budget deal for the next ten years. you say this is more of a risk and even the fiscal cliff was. >> oh, yes. the debt ceiling is a potentially large fiscal contraction like the fiscal cliff was. even bigger, actually, if you do the math. debt ceiling is you cannot borrow, so you have to balance the budget tomorrow. in addition to that, there was the kind of not very real threat that we might default on the national debt or postpone payments, so you're playing with a combination of a big fiscal contraction and the possibility of triggering a financial crisis also. lori: i want to ask you about your book. after the music stopped, but about the financial crisis, to a dozen 7-8. looking back, said always 2020, what were the best actions taken by the federal government and the worst? >> at think there were three. in net you a tie for first? >> you know how tv works. >> one was tart. very unpopular, but effective and turn a profit for the taxpayer.
the fiscal cliff crisis and then the debt ceiling drama. now president obama is calling on congress to get past the next term we all need to turn, the sequester. big, across-the-board spending cuts that are due to take effect the 1st of march. the president called today for a limited package of spending cuts and tax reforms to avoid the deadline. republican speaker of the house john boehner rejected that, saying republicans want a bigger agreement on a long-term deficit reduction plan. the white house also announced today president obama will be going to israel this spring for the first time since taking office. israeli media say he's due to arrive march 20th, though the white house would not confirm any of the travel dates. >>> we are learning much more tonight about the breaking story we brought you here last night. the dramatic rescue of a 5-year-old boy after a standoff in alabama that lasted almost a week. nbc's gabe gutierrez is with us tonight from midland city, alabama. gabe, good evening. >> reporter: brian, good evening. today ethan's mother broke her silence. in a written statem
's $16.4 trillion debt ceiling until the middle of may. that bill also requires members of the house and senate to pass a budget by mid-april or have their pay withheld. >>> well, it didn't take long for the dow to fall under 14,000, which it hit on friday. stocks taking their biggest dive of the year yesterday on worries about european issues. the dow lost 129 points and the nasdaq was down 48. >>> u.s. government is suing credit rating agency standard & poor's. the justice department says the company gave high ratings to risky mortgage bonds and those bonds then plunged in value and contributed to the 2008 financial crisis. s&p denies any wrongdoing and says the lawsuit is without merit. the government is reportedly seeking penalties of more than $1 billion. >>> and if you are the average american, about 4% of your weekly paycheck is going into your gas tank. a new government report finds that u.s. households spent an average of $2,912 on gasoline last year. we are using less gas because vehicles are more fuel- efficient but we're paying a lot mo
several times in 2011 and 2012 in excomping for republicans agreeing to raise the debt ceiling and they were pushed off again during the year-end fiscal cliff negotiations. why another short-term deal? the president seems to believe that wear just going to buy a little bit more time that maybe congress with finally come to some resolution on a larger package. but for their part, republicans are saying perhaps maybe now it is time to pay the piper. back to you. >> thank you. >>> in our top stories, a partial win for virginia governor bob mcdonnell's plan to overhaul the state transportation funding. yesterday, the senate deadlocked on a deal while the house approved a $3.1 billion transportation proposal. at the center of the bill getting rid of the 17-cent gas tax and replacing it with an increased sales tax. senate can now amend or kill the house version of the bill. virginia is joining maryland and d.c. with a ban on texting behind the wheel. senate and house lawmakers have approved bills that would make day primary offense meaning you can be ticketing for texting and driving
from the may deadline they've come up with, which is the debt ceiling. so they've passed a law to temporarily not enforce that debt ceiling until may. so two big deadlines. march 1 and may 18. >> we do a lot of kicking the can. but almost always they come to a resolution in the 11th hour, like karen said. and there is some encouraging news, 157,000 new hires in january is not what they were expecting. so there some encouraging news out there. we don't have to panic. but we do need to get our pocketbooks in check. and our government has a hard time doing that. >> just because the dow is over 14,000, that's a great sign. people forget those days, 6,500 when we were at the worst of the crisis, so to be over 14,000 right now is a big deal. so we'll see what's next. >> right. let's get this going. >>> federal prosecutors are going after the huge ratings agency standards and poors with connection to the mortgage meltdown. the justice department claims that s&p kept giving top ratings to investments it's own analysts warned were two risky. >> while big bankers and lenders built mortga
, a major funding bill expires. the debt ceiling fight will resurface in the summer. >>> new polls showing the nra's opposition to reforming certain gun laws isn't registering with the american public. according to polling, more than 90% of voters in three states say they support wider background checks for people buying weapons at gun shows. that includes voters who live in households with a gun. when it comes to the question of armed police in schools, more voters in virginia, new jersey, and pennsylvania support the idea than oppose it. the board of education in new it is town, connecticut, is requesting funding for armed police officers in four elementary schools for the next school year. in chicago, meanwhile, mayor rahm emanuel is moving 200 officers from desk duty to the streets amid the city's most violent months in decades. 42 people have been murdered this year including 15-year-old who was shot dead this week while hanging out with friends in a park. >> when any young person in our city is gunned down without reason, their death makes an impression on all of us. and it demands a
that had already been approved in the house that extended the debt ceiling until late this summer. it was the right thing to do. it was the right thing to extend the debt ceiling of our nation because it allows us to pay the bills that we have already incurred. there isn't one dime of new spending that's authorized under the legislation we approved. my only regret is that we didn't extend it for a longer period of time, giving greater certainty to the financial markets. for you see that if we were to ever violate the debt ceiling, the consequences would be that the taxpayers of this country would have to pay more for the obligations of our nation and interest costs. it would permanently damage the reputation of this nation as far as our ability to pay our bills. it would be counterproductive to everything we're trying to do to help the taxpayers of america. so it was the right thing for us to do to extend the debt ceiling, but we still have a lot more work we need to do. our current accumulation of debt is not sustainable. we can't continue to spend what we're spending today and c
. that was an exchange for republicans agreeing to raise the debt ceiling. and january 1st, the fiscal cliff deal, decided to push it off for 60 days and now here we are. under the terms of the earlier budget deals, now must find $85 billion somewhere by march 1st otherwise pentagon spending will shrink. and medicare will take a 2% reduction. the president and democrats prefer an option that raises more money by closing tax loopholes. republicans want to stick with spending cuts saying they've already agreed to tax hikes. 448,000 jobs in dc, maryland and virginia could be affected. concerned about the impact on our economy. >> sequestration will hurt not only the defense side but the nondefense side. my committee funds the fbi. there will probably be furloughs at the fbi and the national cancer institute, nih. defense and nondefense. >> that hurts the broader economy. people are concerned about their jobs and don't know the impact on their bank accounts. that holds them from spending on movies and restaurants and theaters. thinks he has time to buy a little bit more of a deal. let republicans and
for the federal government's ability to borrow new money. the measure will suspend the $16.4 trillion debt ceiling until the middle of may. the bill also requires members of the house and senate to pass a budget by mid-april or risk having their own pay withheld. >>> the dow's bounce above 14,000 didn't last long. worry about europe dragged the market down yesterday, the biggest losses of the year. the dow was down 129. the nasdaq lost 48. in the previous session, the dow had hit its highest level in years. >>> the u.s. government plans to file a civil lawsuit against the ratings agency standard & poor's. the suit accuses the firm of giving high ratings to risky mortgage bond and led to the 2008 financial crisis. s&p says the suit is without merit. >>> medical marijuana has been legal in california since 1996. but now some cities are banning the dispensaries. a ruling will soon determine how far state law can go to protect their right to do business. the state supreme court will hear arguments today on whether local governments can ban them. right now a
, the debt ceiling. now the sequester. i mean, we're now talk about perhaps $85 billion in spending cuts in 2013 if they don't get their act together on the sequester. that's pointing exactly in the opposite direction. so the fed is kind of setting the table but not getting the support from the congress on the fiscal side. >> so given the looming debt ceiling limit here, this week on morning joe the "new york times" economist argued why the u.s. should spend now and worry about deficit reduction later. here it is. >> dashing spending when you still have depressed economy is really destructive. it's probably even counterproductive even in purely fiscal terms. we should be sustaining government spending until we have a stronger economic recovery. >> this is not a hard call. as long as we have 4 million people who have been unemployed for more than a year, this is not a time to be worrying about reducing the budget deficit. give me something that looks more like a normal employment situation and i'll become a deficit hawk but not now. >> do you subscribe to that, jared? or is that too extre
deal on the debt ceiling. then came the fiscal cliff, that was the next chance to prevent all of the cuts. washington punted, they said hey, three more months, we'll solve it then. nope. now three months is coming so guess what? they will punt again. you know what, thinking about it today, it reminded me a lot about this. ♪ put your little hand in mine ♪ put your little hand in mine ♪ put your little hand in mine ♪ there ain't no hill or mountain we can't climb ♪ >> that of course was "groundhog day." at least they had a good song. we have to listen to the terrible voices of people in washington. "outfront," michael waldman from nyu school of law, and michael medved, conservative commentator. great to see both of you. the president asking for a smaller package because a bigger deal can't get done. how is this moving the ball forward? there's blame to go on both sides here but it is pathetic. >> i think he probably would say that it's better to kick the can down the road than to kick the economy off the cliff. this is kind of a self-inflicted answer to a concocted cri
to the financial crisis. >> next timfrontline... >> the debt ceiling represents a massive fiscal heart attack. >> after the fiscal cliff. >> extreme ideological people who have never governed, and now they're congressmen. >> another crisis to come. >> enough is enough. you will not spend another dime, you will not put us in hock. >> frontline investigates the ongoing battle. >> throw the country into default... >> it is time to call their bluff. >> political armageddon. >> what's the word? madness. >> go to pbs.org/frontline foa closer look at civil cases and penalties that have come out of the crisis. >> this isotal about what went on on wall street. >> martin smith's extended interviews with ted kaufman, lanny breuer and phil angelides. more of frontline's coverage of the financial crisis, including our landmark series "money, power and wall street." connect to tfrontline community on facebook and twitter or tell us what you think at pbs.org/frontline. >> frontlinis made possible by contributions to your pbs station from viewers like you. and by the corporation for public broadcas
, but things look good. we did not go over the fiscal cliff and we did not hit the debt ceiling. evidence is piling up. >> that's true. here is the thing that struck me about hagel hearings, it seemed at times that chuck hagel was surprised that these people were not happy with him. it's as if he did not read a newspaper in month. >> his response to the surge question. mccain is the biggest supporter of the surge, he led it. chuck hagel disagreed and mccain seems to be right. and hagel looked surprised by the question. in defense of molly's story and washington is getting better. that was not about dysfunction of washington, the two of them just do not like each other. that has nothing to do do with the broader things washington. the issue matrix is changing a bit. what we with saw in 2009 and 2010, when health care and economy were on the table, those are where the parties are fundamentally divided. that is going to be true. but the immigration, there's not the same divide with them. so it's not a polarizing issue with john kerry. part of the reason we are seeing less dysfunction -- on o
the board cuts part of the deal that was made, the debt ceiling debate of 2011. republicans say it is now time for the president to do something. >> this week, i'm pleased to join my leadership in putting forward the require a plan act that will say to the president two specific things. put a budget in place that balances with a continue-year period of time, but if you don't, tell us when it does. tell us when your plan balances. families and businesses across the great nation must work on a balanced budget. they can't borrow and spend as far as the eye can see. this president, it's time for him to step up, put forward a balanced budget or tell us when his budget will balance. >> for more on what we expect to hear from the president, we want to bring in my colleague and friend, john king in washington. john we know the president will try to kick the can forward here, talk about the need for revenue, as well as spending cuts but not deep cuts that everybody's concerned. what do we expect? >> a familiar haunt for both of us, the white house briefing room. using the power of the presidency t
overseas. your push right now is getting it back home. >> with the fiscal cliff and debt ceiling and trying to get bipartisan, but over here is something called poverty, 50 million americans and racial disparity and cities collapsing and the like. i'm going to make the case we should build america an urban infrastructural bank for the purpose of long-term loans. we do it in europe and japan. and no other country charges people to repatriate their money once they pay taxes in that country. but we do. but if we, in fact, took a portion of that money, part for research and development and part of it for an institutional bank, you could do what banks are not doing, and that's invest in these downtrodden areas of our country. >> gillian, we've been talking about it for years, trillions of dollars sitting on the sidelines not coming back to america. how do we get it back here? >> almost $2 trillion. you've got average household earnings down over the past four years, poverty is up. we need this money working in our economy. how do we get it here? >> absolutely. i think the reverend's idea is very
. the guy who helped craft the debt ceiling plan. when he puts out that budget that is the document republicans have to run on the next two years because it has severe spending cuts on the domestic side because they have to balance the budget in ten years, a mighty task because they don't want to raise taxes. >> he has no interest in the sheer grind of campaigning. it's hard to see him having what it takes to run for president in 2016. is that even in his mind? is that a possibility for him? >> i don't think he's ever rule it out having been the veep last time and having national statutostature and i do think you have to wapt badly and willing to go for two years that state to state, talking to folks at the grassroots and i don't think he really likes that. likes the idea of spending some time with his family and work the halls of congress. the next two years are about austerity for the republican party. that would be really tough to run for president trying to partially privatize medicare and cut domestic spending across the board. >> quickly, paul ryan, does he have what it takes
the argument, and he marginalized them to such a degree that they signed the debt ceiling thing, looks like they are going to get something done on immigration reform. gun control, we'll see. i think that has a lot to do with us. >> right. and, you know, like -- i know i'm in a basically republican state here in nebraska, and, you know, i go to work i hear all of these things, and of course i voted for obama the first time ever that i voted and all i really got was an immigration law that immigrants are coming to this country and bringing all of these weapons, and i understand there are some bad things happening on the border but you know how many people in california like agriculturally do for this country? you know how many people in texas and these other places picking or food that we eat almost every day. >> stephanie: i would like to apologize for all of the previous stupidity of all of the previous republicans, and give you some pro flowers. would that help? [ laughter ] >> caller: yeah okay. >> stephanie: all right. hold on. if you are looking for flowers this v
a deal on the fiscal cliff, pushed back the debt ceiling issue so that they can breathe a little bit and try and move away from just these fiscal sues. now on the horizon there are lots of house republicans, particularly younger ones, who say let's cut the defense budget, let those automatic spending cuts take place, and there are lots of senior republicans who say, not so fast. so that's going to be a problem within the republican party as we look ahead. >> where does karl rove and his new super pac fit into that? >> did you ever think republicans would call him a rhino, republican in name only. here you go. i've always thought of karl rove as a conservative. what's going on is his pac has said, you know what, we are tired of someone associated with his pac said to me, quote, the novelty of losing elections has worn off, and what they've decided to do is to start putting their money in primaries. they want to vet republican primary candidates so that by the time they get to the general election they believe they have qualified vetted candidates who can actually win. conservatives ar
, yes, deficits and taxes and sequesters and potential government shutdowns, debt ceiling, we'll talk about that stuff. but we'll talk about it from the perspective on how we're making sure someone works hard in this country. a cop, teacher, a construction worker, or a reception worker, they can make it if they work hard. their kids can make it and dream bigger dreams than they have achieved. obviously, a lot of what we'll be working on over the next few weeks is going to be on how do we deal with this sequester issue. i want to make this quick point. i had a press conference this week in which i reiterated that i'm prepared, eager, and ang shouse that ends this government by crisis that every two week or every two months or every six months we are threatening this hard recovery, are finally housing is picking up and real estate is doing better and unemployment numbers are still too high. we're geing job growth and manufacturing is doing well and we continue to have these self-inflicted crisis here in washington where suddenly someone taps the brakes. what i said this week was i want
. just quickly, he refused -- voted against raising the debt ceiling. he co-sponsored the old balanced budget amendment, which is a total shuck and jive. he signed the grover norquist finds. he backed florida's voter purge back to rick so -- backed rick scott in trying to get all of those people, a lot of them racial minorities off of the ballot in florida. he opposed federal action to heavy prevent violence against women act, extension of it t he believes employers should be able to deny birth control to their employees. he made some robo calls for an anti-hate group opposing same-sex marriage, marriage equality. and he doesn't believe in climate change. in fact, this week at the interview that he gave with buzzfeed's ben smith -- remember ben smith was in studio with us a couple of days talking about that interview, marco rubio said, on climate change he just thinks it's too expensive. >> number one, even if anything we would do on that would have a real impact on our economy, but probably if it's only us doing it, a very negligible impact on the envir
and sequesters and potential government shutdowns, debt ceiling, we'll talk about that stuff. but we'll talk about it from the perspective on how we're making sure someone works hard in this country. a cop, teacher, a construction worker, or a reception worker, they can make it if they work hard. their kids can make it and dream bigger dreams than they have achieved. obviously, a lot of what we'll be working on over the next few weeks is going to be on how do we deal with this sequester issue. i want to make this quick point. i had a press conference this week in which i reiterated that i'm prepared, eager, and anxious that ends this government by crisis that every two week or every two months or every six months we are threatening this hard recovery, are finally housing is picking up and real estate is doing better and unemployment numbers are still too high. we're seeing job growth and manufacturing is doing well and we continue to have these self- inflicted crisis here in washington where suddenly someone taps the brakes. what i said this week was i want to do something big to provide cer
Search Results 0 to 36 of about 37 (some duplicates have been removed)